1
Q
What is the accounting process?
A
Source documents–>Records–>Reports–>Advice
2
Q
Cash receipt
A
Can refer to both the transaction occurred when cash is received from another entity, as well as the source document that verifies that transaction.
3
Q
Drawee
A
The financial institution or bank of the drawer
4
Q
Drawer
A
The entity writing the cheque
5
Q
Payee
A
The entity that is receiving the cheque
6
Q
Not negotiable
A
A control mechanism that ensures the cheque can only be deposited into the account of the nominated payee
7
Q
Cheque butt
A
a source document used to verify cash payments
8
Q
Invoice
A
a source document used to verify credit transactions
9
Q
Memo
A
a source document used to verify internal transactions
Accounting year 10
flashcards
Decks in class (3)
# Cards
